Ed Balls has conceded that he may not serve in Ed Miliband’s government if
Labour wins the next election.

In an interview with the Yorkshire Post newspaper Mr Balls said that he would “love” to be a part of a future Labour government but that it is not an “all-consuming passion” for him.

His comments will fuel speculation that Mr Miliband could be preparing to replace him as Shadow Chancellor.

Mr Miliband has repeatedly refused to confirm the Mr Balls would serve as his Chancellor were Labour to win the 2015 general election.

“The danger for a politician is always that you worry that once you’ve gone your epitaph will say ‘hopes unfulfilled’,” Mr Balls said.

“But I think mine would be ‘he did some good things and he did his best’. And that’s enough,” he says. “I would love to be part of Ed’s Labour government but what I do next for me is not an all-consuming passion.

“I’m more bothered, in a personal sense, about getting to grade 8 piano by the time I’m 50.”

Labour sources said that Mr Balls was simply answering a question about his own leadership ambitions and that the Shadow Chancellor was not referring to his chances of serving in a future Labour government.

Mr Balls also used the interview to say that his party must not “set our face” against a future European Union referendum.

“I don’t think we should set our face against a referendum and I certainly don’t think we can ever afford to give the impression that we know better than the voting public and that we’re going to carry on regardless,” he said.

But I believe most people think at a time when the economy is weak, when unemployment is high and rising, that jobs, the NHS and energy bills are a bigger priority than spending the next three, or four years, simply debating whether or not to leave the European Union.”

The Shadow Chancellor earlier this year said Labour would be “stupid” to fight the next election opposing an EU referendum.